Rich politician Jaganmohan Reddy has Rs 365 crore assets

HYDERABAD: Jaganmohan Reddy, son of former Andhra Pradesh chief minister YS Rajasekhara Reddy, has declared assets worth 365.68 crore, making him one of the richest politicians in the country. Jagan's assets have grown over 350% from 77.43 crore declared during 2009 elections.

But as per his affidavit, he does not own a vehicle. If he wins the Kadapa by-elections on May 8, Jagan will become the richest MP in the country replacing Telugu Desam Party ( TDP) MP from Khammam, N Nageswara Rao, who has assets worth over 170 crore.

Jagan is the chairman of Jagati Publications, which owns Sakshi newspaper. Besides, in April last year, Bharathi Cement, promoted by Jagan, sold 51% stake to French cement maker Vicat SA for an undisclosed sum. He owns houses, land and other property in Hyderabad, Kadapa and Bangalore. The majority of Jagan's assets are in the form of bonds and shares in various private companies, including Bharathi Cement and Sandur Power Company. Jagan's wife Bharathi has assets worth 41.44 crore.

Jagan disclosed his assets while filing nomination papers for the Kadapa Lok Sabha seat. As per Election Commission rules, it is mandatory for candidates to declare assets. Jagan is engaged in a bitter battle with the Congress over political control in the state. In 2009, Jagan had won the Kadapa Lok Sabha seat as a Congress candidate with a margin of 1,75,751 votes.

However, after the death of YSR in a helicopter crash in September 2009, Jagan's relationship with the Congress high command came under strain. This ultimately resulted in Jagan quitting Congress and launching a separate party — YSR Congress Party — last month. His mother Vijayalakshmi had been elected unanimously from Pulivendula, which was earlier represented by YSR.

Cong, Jagan Fighting for YSR's Legacy

Now, Jagan and his mother are contesting Kadapa Lok Sabha and Pulivendula assembly constituencies, respectively, as YSR Congress Party candidates. The Congress has fielded state Health Minister DL Ravindra Reddy while the main opposition Telugu Desam Party (TDP) has named Rajya Sabha member MV Mysoora Reddy as its candidate against Jagan.

But more than political gains, both Congress and Jagan are fighting over YSR's legacy as the election result will decide who YSR's successor will be. Both parties are banking heavily on the 'YSR image' and people's attachment to him due to his populist schemes and pro-farmer policies.

"People are astonished to see his (Jagan's ) disclosure. Our candidate does not have assets anywhere close to Jagan and we are confident that people will give a befitting answer to Jagan during this bypoll by electing a Congress MP," said Congress leader Tulasi Reddy. In October last year, Jagan had surprised many by paying an advance tax of Rs 84 crore, anticipating his annual income to be Rs 500 crore or more.

It was a significant jump, considering Jagan had paid only Rs 2.92 lakh as tax for fiscal 2008-09, and Rs 6.72 crore for 2009-10. The growth in half-yearly tax paid by him was over 1,100% compared to what he had paid for the same period in 2009. Jagan's advance tax payment dwarfed that of Shahrukh Khan, who paid Rs 5 crore.